MIRA
INFORM REPORT
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Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
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Name : |
RAJ RAYON INDUSTRIES LIMITED (w.e.f. 18.08.2010) |
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Formerly Known
As : |
RAJ RAYON LIMITED |
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Registered
Office : |
5C-196/197, Akshay Mittal Industrial Estate, Sakinaka, Andheri (East),
Mumbai-400059, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.08.1993 |
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Com. Reg. No.: |
073489 |
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CIN No.: [Company Identification
No.] |
L17120MH1993PLC073489 |
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Legal Form : |
A Public limited liability company. The company’s shares are listed on
stock exchange. |
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Line of Business
: |
Manufacturer of Polyester Texturised Yarn, Partially
Oriented Yarn and Fully Drawn Yarn. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There
appears some losses being incurred by the company continuously in two years.
However, networth appears to be satisfactory. Trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
5C-196/197, Akshay Mittal Industrial Estate, Sakinaka, Andheri (East),
Mumbai-400059, |
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Tel. No.: |
91-22-4034 3434 |
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Fax No.: |
91-22-4034 3400 |
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E-Mail : |
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Website : |
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Administrative Office: |
3/A/205, Mittal Industrial Estate, Sakinaka, Andheri,
Mumbai-400059, |
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Factory 1 : |
Survey No.
272/1/1, Plot No. 1, Village Dadra, Dadra Demani Road, District Silvassa,
Dadra and Nagar Haveli Union Territory – 396230, India |
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Tel. No.: |
91-260-2668238 |
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Fax No.: |
91-260-2668632 |
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E-Mail : |
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Factory 2 : |
Survey No.
185/1/1, Plot No. 17, Dokmandi, Village Amli, District Silvassa, Dadra and Nagar
Haveli Union Territory – 396230, India |
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Tel. No.: |
91-260-2643332 |
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Fax No.: |
91-260-3293013 |
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E-Mail : |
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Factory 3 : |
Partially Oriented Yarn [POY] Division/ Polyester
Texturised Yarn (PTY)/ Fully Drawn Yarn (FDY) Division: Survey
No. 177/1/3 and 4, Village –
Surangi, District Silvassa, Dadra and |
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Tel. No.: |
91-260-3093038 /
3955475 / 3955476 |
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Fax No.: |
91-260-2699222 |
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E-Mail : |
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Factory 4 : |
Survey No.
259/12, Parsinath Industrial Estate, Village Dadra, District Silvassa, Dadra
and |
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Tel. No.: |
91-260-2669076 |
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Fax No.: |
91-260-2669077 /
3293014 |
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E-Mail : |
DIRECTORS
As on 31.03.2010
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Name : |
Mr. Gourishankar Poddar |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Rajkumari Kanodia |
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Designation : |
Director |
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Name : |
Mr. Jagdish
Chandra Somani |
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Designation : |
Director |
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Name : |
Mr. Vinod Kumar
Jain |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Ms. Gita Yadav |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage |
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(A) Shareholding of Promoter and Promoter Group |
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821,000 |
4.33 |
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6,751,893 |
35.64 |
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7,572,893 |
39.97 |
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Total shareholding of Promoter and Promoter Group (A) |
7,572,893 |
39.97 |
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(B) Public Shareholding |
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369,200 |
1.95 |
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369,200 |
1.95 |
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1,789,554 |
9.45 |
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5,811,550 |
30.68 |
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2,401,967 |
12.68 |
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999,536 |
5.28 |
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54,086 |
0.29 |
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77,597 |
0.41 |
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598,009 |
3.16 |
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269,844 |
1.42 |
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11,002,607 |
58.08 |
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Total Public shareholding (B) |
11,371,807 |
60.03 |
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Total (A)+(B) |
18,944,700 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
18,944,700 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
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Line of Business : |
Manufacturer of Polyester Texturised Yarn, Partially
Oriented Yarn and Fully Drawn Yarn. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R Chartered Accountant |
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Party owning an interest in voting power of the company that gives it
significance influence over the company : |
Raj Money Market Limited |
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Associates: |
Gourishankar Poddar HUF Sangam Spinfab Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
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|
17998200 |
Equity Shares |
Rs. 10/-
each |
Rs. 179.982
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
179.982 |
170.992 |
170.177 |
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2] Share Application Money |
0.947 |
1.846 |
0.000 |
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3] Reserves & Surplus |
670.534 |
651.694 |
765.694 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
851.463 |
824.532 |
935.871 |
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LOAN FUNDS |
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1] Secured Loans |
1110.564 |
1121.205 |
1105.042 |
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2] Unsecured Loans |
257.321 |
70.000 |
58.500 |
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TOTAL BORROWING |
1367.885 |
1191.205 |
1163.542 |
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DEFERRED TAX LIABILITIES |
61.673 |
60.876 |
105.468 |
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TOTAL |
2281.021 |
2076.613 |
2204.881 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1562.080 |
1348.273 |
1468.995 |
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Capital work-in-progress |
48.990 |
3.627 |
0.000 |
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INVESTMENT |
18.662 |
41.641 |
34.766 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
590.249
|
395.297 |
350.272 |
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Sundry Debtors |
665.907
|
450.529 |
381.225 |
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Cash & Bank Balances |
41.908
|
49.340 |
44.470 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
179.875
|
301.125 |
307.018 |
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Total
Current Assets |
1477.939
|
1196.291 |
1082.985 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
399.790
|
233.005 |
125.467 |
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Other Current Liabilities |
418.511
|
278.206 |
226.429 |
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Provisions |
8.351
|
2.008 |
29.969 |
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Total
Current Liabilities |
826.652
|
513.219 |
381.865 |
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Net Current Assets |
651.287
|
683.072 |
701.120 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2281.021 |
2076.613 |
2204.881 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
3379.941 |
3201.260 |
2788.869 |
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Other Income |
0.000 |
0.000 |
41.263 |
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TOTAL (A) |
3379.941 |
3201.260 |
2830.132 |
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Less |
EXPENSES |
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Cost of Inventories consumed and sold |
1952.063 |
2232.195 |
1972.455 |
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Cost of Goods Traded in |
603.888 |
151.270 |
60.016 |
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Payment to and provision for employees |
55.453 |
49.570 |
39.891 |
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Manufacturing Expenses |
492.213 |
512.796 |
413.005 |
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Administrative, Selling and Other Expenses |
52.484 |
75.726 |
37.353 |
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Exchange Rate Difference |
[4.954] |
6.477 |
[4.914] |
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Increase/ Decrease in Stock |
[106.617] |
9.221 |
[22.676] |
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Loss / Profit on disposal of investment |
0.000 |
0.000 |
5.838 |
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TOTAL (B) |
3044.531 |
3037.255 |
2500.968 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
335.409 |
164.005 |
329.164 |
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Less |
FINANCIAL
EXPENSES (D) |
131.958 |
143.259 |
115.116 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
203.451 |
20.746 |
214.048 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
170.396 |
170.240 |
152.151 |
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PROFIT BEFORE
TAX (E-F) (G) |
33.055 |
[149.494] |
61.897 |
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Less |
TAX (H) |
7.916 |
[35.569] |
11.390 |
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PROFIT AFTER TAX
(G-H) (I) |
25.139 |
[113.925] |
50.507 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
221.508 |
335.508 |
284.774 |
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Add |
Prior
Period Items |
0.019 |
[0.075] |
0.227 |
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Less |
APPROPRIATIONS |
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Proposed Dividend |
5.399 |
0.000 |
0.000 |
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Provision for Tax on Proposed Dividend |
0.918 |
0.000 |
0.000 |
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|
BALANCE CARRIED
TO THE B/S |
240.349 |
221.508 |
355.508 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
141.553 |
355.167 |
209.889 |
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TOTAL EARNINGS |
141.553 |
355.167 |
209.889 |
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IMPORTS |
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Raw Materials |
29.435 |
145.521 |
241.376 |
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Capital Goods |
203.075 |
9.812 |
17.148 |
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TOTAL IMPORTS |
232.510 |
155.333 |
258.524 |
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Earnings Per
Share (Rs.) |
|
|
|
|
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|
Basic |
1.43 |
[6.67] |
-- |
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Diluted |
1.42 |
[6.67] |
-- |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
889.630 |
1053.400 |
1099.380 |
|
Total Expenditure |
812.790 |
961.660 |
985.450 |
|
PBIDT (Excl OI) |
76.840 |
91.740 |
113.930 |
|
Other Income |
13.420 |
0.730 |
0.450 |
|
Operating Profit |
90.260 |
92.470 |
114.380 |
|
Interest |
29.740 |
31.0700 |
37.1600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
60.520 |
61.400 |
77.220 |
|
Depreciation |
51.160 |
50.990 |
51.050 |
|
Profit Before Tax |
9.360 |
10.410 |
26.170 |
|
Tax |
[0.940] |
[1.020] |
9.1200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
10.300 |
11.430 |
17.050 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
10.300 |
11.430 |
17.050 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.74
|
[3.55] |
1.78 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.98
|
[4.67] |
2.22 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.09
|
[5.88] |
0.02 |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
[0.18] |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.58
|
2.07 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
2.33 |
2.84 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
During the financial year, the Company recorded Net Sales
and Other Income of Rs. 3379.941 Millions as compared to Rs. 3201.260 Millions
of previous year. The Net Profit for the year was 31.244 Millions as compared
to previous year (Rs.105.498 Millions). Cash profit increased to Rs. 201.640
Millions from Rs 64.742 Millions of previous year.
EXPANSION
PLANS
The Company has commenced the commercial production from
four (4) FDY (Fully drawn Yarn) lines from 25th March, 2010.
The Company’s plans to expand the installed capacity for
manufacturing Polyester Texturised Yarn (PTY), Fully Drawn Yarn (FDY) and to
create new capacity for manufacturing Twisted Yarn (TY), different types of
coloured yarns therefrom which command good demand and sales margin in the
market. This would enable the Company to enhance its profitability of
operations.
The Company’s expansion project envisages creation of
additional manufacturing capacity as under:
·
PTY( 75/36 SD denier) 21,000 MTA TY
·
(75/36 SD denier) 3,060 MTA
·
FDY(150/36 SD denier) 1,886 MTA
The Company has approached its bankers for sanctioning of
term loans to part finance the said expansion project. The Company has sold its
Land and Building of Unit no. 3 and shifted its Plant and Machinery there from
to Unit no. 4 (Surangi) to enhance its operating efficiency.
CONVERSION
OF WARRANTS WITH CONVERTIBLE OPTION ON PREFERENTIAL BASIS TO A PROMOTER GROUP
COMPANY
During last year, the Company obtained consent of the
members through a Special Resolution under postal ballot for Conversion of
19,27,000 Warrants with convertible option into an equal number of equity
shares of Rs. 10/- each over a period of 18 months on preferential basis to a
Promoter Group Company named M/s. Raj Money Market Limited and allotted 81,500
equity shares on 20th March, 2009 on exercise of their option out of 19,27,000
warrants.
During the year, M/s. Raj Money Market Limited have exercised
their option to convert 8,99,000 warrants out of the aforesaid 19,27,000
warrants. The Company at the Committee of Directors meeting held on 29th
September, 2009 has allotted 8,99,000 Equity Shares of Rs. 10/- each.
Following exercise of the aforementioned options, there
are now 9,46,500 warrants that can be converted into Equity Shares of Rs.10/-
each of the Company at the option of the allottee up to 25th August, 2010.
MANAGEMENT
DISCUSSION AND ANALYSIS:
OVERVIEW
Landmark
Events:
The Company’s Export House status has been upgraded to
Star Export House w.e.f 17th August, 2009 by the Director General of Foreign
Trade. Further, the Company’s ISO Certification has been upgraded to ISO
9001:2008 by Bureau Veritas (UKAS) and Bureau Veritas (NABCB).
The Company successfully installed four (4) FDY (Fully
drawn Yarn) lines and the same went on stream from 25th March, 2010.
INDUSTRY
OUTLOOK:
Expected higher GDP growth and stabilised crude oil prices
bode well for the industry in the ensuing year. Industry outlook is positive
owing to higher domestic demand and switch over from cotton owing to higher
cotton prices.
BUSINESS
REVIEW:
The Company’s domestic sales, and also exports, are
looking up and the Company has also stepped up its efforts to enhance the share
of value added items in its product mix to be better placed to meet crude oil
and raw material prices volatility, if any, in future.
INTERNAL
CONTROLS:
RRL’s well defined organization structure, policy
guidelines, predefined authority levels, and an extensive system of internal
controls ensure optimal utilization and protection of resources, IT security,
accurate reporting of financial transactions and compliance with applicable
laws and regulations.
- RRL has adequate system of internal control in place to ensure that
assets are safeguarded against loss from unauthorized use or disposition,
and that transactions are authorized, recorded, and reported correctly.
- RRL’s internal audit function is empowered to examine the adequacy,
relevance and effectiveness of control systems, compliance with laws,
regulations and policies, plans and statutory requirements.
- RRL has an exhaustive budgetary control system. Actual performance
is reviewed with reference to the budget by the management on an ongoing
basis.
- RRL’s Audit Committee of the Board reviews the findings and
recommendations of the internal auditor.
The system is improved and modified continuously to meet
changes in business conditions, statutory and accounting requirements.
Contingent
liabilities not provided for:
a ) Guarantees given by the bankers of the Company
amounting to Rs. 39.125 Millions (Rs. 39.125 Millions) against the fixed
deposit of Rs. 4.032 Millions (Rs.10.325 Millions) kept as margin money;
b) In respect of Excise matters Rs. 58.475 Millions (Rs.
62.644 Millions) (excluding a show cause notice received from Additional
Director General, DGCEI, MZU, Mumbai where amount is unascertainable), for
demand and show cause notices received, as per legal opinion taken, the Board
is of the view that the Company has a very fair chance of succeeding in these
matters;
c) In respect of levy of Cess Rs. 0.782 Million (Rs. 0.782
Million), for demand and show cause notices received, as per legal opinion
taken, the Board is of the view that the company has fair chances of succeeding
in the matter
at higher forum;
d) Inland / Foreign letter of credit issued by the bank
amounting to Rs. 272.903 Millions (Rs. 240.248 Millions);
e) Sales bills discounted with SBI Factors and Commercial
Services Private Limited Rs. 28.374 Millions (Rs. 25.002 Milions);
f) Notice received from SEBI, for delay in submission of
certain information to BSE, amounting to Rs. 0.175 Million
(Rs. 0.175 Million);
g) Liability, if any, arising on account of undertakings
given by the company under EPCG Scheme, pending fulfillment of export
obligation approximately Rs. 24.886 Millions (Rs. 17.238 Millions); and
h) Impairment loss, if any, on realisation of suit filed
debts Rs. 9.354 Millions (Rs. 9.354 Millions).
Fixed Assets:
·
Land
·
Air Condition System
·
Electrical Installation
·
·
D G Sets
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Office Premises
AS PER WEBSITE
Profile:
Spinning the Quality of Perfection
Subject (Formerly known as Raj Rayon Limited) a public limited company, having
its registered / corporate office in Mumbai, India, is one of the leading
manufacturers of Polyester Yarn in India with product range including Polyester
Texturised Yarn (PTY), Partially Oriented Yarn (POY) and Fully Drawn Yarn (FDY)
backed by high technology plants located at Silvassa in the Union Territory of
Dadra and Nagar Haveli, India.
Subject is, a recognized “Star Export House” with an ISO 9001:2008 certification, listed in BSE and NSE, has been promoted by dynamic and highly experienced industrialists, headed by Shri G. S. Poddar, who is Chairman and Managing Director. The vision of RRIL’s mentors is realized by dedicated efforts of professional managers, engineers and a trained labor force. RRIL has consistently posted profits right from its inception. RRIL’s turnover for the year 2009-2010 is over Rs. 3 billion (USD 70 million).
RRIL commenced operations in 1993 with just one Texturising machine for PTY with production capacity of 600 tons per annum (TPA) of 80 Denier. As on date the production capacity, backed by efficient backward integration of process and machinery, is an impressive 40000 T.P.A. of POY (based on average of 150/36 SD denier), 30000 T.P.A. of PTY and 23063 T.P.A of FDY (based on average of 75/36 SD denier).
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED : 31ST DECEMBER, 2010
(Rs. in Millions)
|
Particulars |
Quarter Ended On 31.12.2010 (Unaudited) |
Year to Date
Figure For Current Year 31.12.2010 (Unaudited) |
|
1a) Net Sales/ Income form Operations |
1083.143 |
3009.010 |
|
b) Other Operating Income |
16.240 |
45.351 |
|
2. Expenditures |
|
|
|
a) Increase/ Decrease in Stock in Trade and
Work in progress |
[64.989] |
[41.605] |
|
b) Consumption of Raw Material |
674.100 |
1791.344 |
|
c) Purchase of Traded Goods |
212.458 |
526.361 |
|
d) Payments to and previous fro Employees |
14.999 |
45.864 |
|
e) Depreciation |
51.057 |
153.210 |
|
f) Manufacturing, Administrative, Selling and
Other Expenses |
148.879 |
436.879 |
|
g) Total |
1036.505 |
2912.054 |
|
3. Profit form Operations before other
Income, Interest and Exceptional Item ( 1-2) |
62.878 |
142.306 |
|
4. Other Income |
0.451 |
1.600 |
|
5. Profit before Interest and exceptional
Item (3+4) |
63.329 |
143.906 |
|
6. Interest |
37.158 |
97.966 |
|
7. Profit after Interest but before
Exceptional Items (5-6) |
26.171 |
45.940 |
|
8. Exceptional Item |
-- |
-- |
|
9. Profit/ Loss from ordinary activities
before tax (7+8) |
26.171 |
45.940 |
|
10. Tax Expenses |
|
|
|
Current Tax |
5.2160 |
9.156 |
|
MAT Credit Entitlement |
[4.711] |
[8.269] |
|
Deferred Tax |
8.612 |
19.7013 |
|
11. Net Profit/ Loss From ordinary Activities
after tax (9-10) |
17.054 |
25.350 |
|
Tax Adjustment for earlier years |
0.000 |
0.000 |
|
12. Extraordinary Items (Net of Tax
Expenses) |
-- |
-- |
|
13. Net Profit / Loss for the Period (
11-12) |
17.054 |
25.350 |
|
14. Paid-up equity share capital of Rs. 10
each |
189.447 |
189.447 |
|
15. Reserve excluding revaluation reserve |
|
|
|
16. Earning per share (EPS) (not annualized) |
|
|
|
Basic |
0.90 |
1.36 |
|
Diluted |
0.86 |
1.34 |
|
17. Public Shareholding |
|
|
|
Number of Shares |
11371807 |
11371807 |
|
Percentage of Shareholding |
60.03 |
60.03 |
|
18. Promoter and Promoter Group Shareholding |
|
|
|
a) Pledged/ Encumbered |
|
|
|
Number of Shares |
2000000 |
2000000 |
|
Percentage
of share (as a % of the total shareholding of promoter and promoter
group) |
26.41 |
26.41 |
|
Percentage of Share (as a % of the total
share capital of the company) |
10.56 |
10.56 |
|
b) Non Encumbered |
|
|
|
Number of Shares |
5572893 |
5572893 |
|
Percentage
of share (as a % of the total shareholding of promoter and promoter
group) |
73.59 |
73.59 |
|
Percentage of Share (as a % of the total
share capital of the company) |
29.42 |
29.42 |
Notes:
- The above unaudited financial results were reviewed by the Audit
Committee and taken on record by the Board of Directors meeting held on 14th
February, 2011.
- The Statutory Auditors of the company have carried out a limited
review of the above unaudited financial results.
- During the quarter ended 31st December, 2010, the company
has received and disposed of 1 investor complaint. No complaint was
pending at the beginning and at the end of the quarter.
- Corresponding figures of earlier year/ quarter have been regrouped
wherever necessary.
- The company operates in a single segment, i.e. textile having same
risk and return.
- Auditors qualification in financial statement of 2009-2010.
- Auditor’s qualification --- for non provision of doubtful debts for
recovery of which the company has filed suits amounting to Rs. 9.354
Millions.
- Had the company made the respective provision for doubtful debts,
the profit for the year ended on 31.03.2010 and surplus in profit and loss
account would have been lower by Rs. 9.354 Millions.
- In the opinion of the Board, since the court cases against debtors
are pending and company is hopeful to recover amount form respective
debtors, no provision is required to be made at this stage.
- The name of the company has been changed from ‘Raj Rayon Limited’ to
‘Raj Rayon Industries Limited w.e.f. 18.08.2010
- During the quarter the shareholders of the company on 26.11.2010
though Postal Ballot approved issue of 1100000 convertible warrants @ Rs.
17/- per warrants and change of registered office from the State of Mahrashtra to Silvassa, Union
Terriotiry of Dadra and Nagar Haveli.
- During the quarter the company has received in principal approval
under Clause 24 (a) of the Listing Agreement fore issue of 11000000
convertible warrants form National Stock Exchange of India Limited vide
letter dated 26th November, 2010 and for 10390000 convertible
warrants form Bombay Stock Exchange of India Limited vide letter dated 22nd
December, 2010
- The company has allotted 10390000 convertible warrants on 03.01.2011
- The trial run for the expansion projected on 4 machines of PTY and 2
machines of Twissting hard started.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.